Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/258951 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
CEBI Working Paper Series No. 07/21
Verlag: 
University of Copenhagen, Department of Economics, Center for Economic Behavior and Inequality (CEBI), Copenhagen
Zusammenfassung: 
We leverage survey data from Germany, Italy, and the US to document several novel stylized facts about the extent of information frictions among firms and households. First, firms' expectations about the central bank policy rate, inflation, and aggregate unemployment are more aligned with expert forecasts and less dispersed than households'. Second, there is substantially more heterogeneity in information frictions within households than within firms. Third, consistent with firms having stronger priors, they update their policy rate expectations significantly less compared to households when provided with an expert forecast. Our results have important implications for modeling heterogeneity in macroeconomic models.
Schlagwörter: 
information frictions
firms
households
expectation formation
interest rates
JEL: 
D83
D84
E71
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
821.01 kB





Publikationen in EconStor sind urheberrechtlich geschützt.